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Thu 8th Oct 2020 - McDonald’s reports global like-for-likes down 2.2% in third quarter
McDonald’s reports global like-for-likes down 2.2% in third quarter, US returns to growth but UK still in decline: McDonald’s has reported global like-for-like sales fell 2.2% in its third quarter to 30 September 2020 as the business continues to recover from the coronavirus pandemic. The company saw a return to like-for-like growth in the US while its international markets saw sales continue to improve – although UK like-for-likes are still in decline, the company said. Chief executive Chris Kempczinski said: “Our third-quarter performance demonstrates the underlying resilience of the McDonald’s brand. Our unique strengths, including our unrivalled drive-thru presence around the world, advanced delivery and digital capabilities, and marketing scale have become even more important during the pandemic. Our prior investments in these areas position us to further our competitive advantage and enable restaurant crew to continue to safely provide customers our great-tasting food.” US second-quarter like-for-like sales were up 4.6%. McDonald’s said comparable sales were positive throughout the quarter, benefiting from strong average transaction growth from larger group orders as well as strong performance at the dinner daypart. The company’s strategic marketing investments and resulting promotional activity drove low double-digit comparable sales for the month of September, including positive comparable sales across all dayparts. Comparable guest visits remained negative for the quarter. Third-quarter like-for-like sales for the “international lead” segment, which includes the UK, were down 4.4%. McDonald’s said comparable sales results improved throughout the quarter, with consumer sentiment and government regulations impacting the pace of recovery from covid-19. Limited operations also remained in place for some markets. Comparable sales varied across markets with negative comparable sales in France, Spain, Germany and the UK, partly offset by positive comparable sales in Australia. In the international developmental licensed segment, third-quarter like-for-like sales were down 10.1%. Results were impacted by negative comparable sales in Latin America and China, partly offset by strong positive comparable sales in Japan, McDonald’s said. McDonald’s has declared a quarterly cash dividend of $1.29 per share payable on 15 December to shareholders of record at the close of business on 1 December. This represents a 3% increase over the company’s previous quarterly dividend. Kempczinski said: “Today’s dividend increase reflects our strong financial position and represents continued confidence in our ability to drive profitable growth and long-term shareholder value while still investing in our people and the business.”


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